It’s no secret that technology is rapidly changing the way we lead our lives and do business. Countless tasks that were once considered time-consuming and tedious can now be completed with the swipe of a finger and a tap on a screen.
Banking is no exception.
According to a recent survey released by the Federal Reserve Board’s Division of Consumer and Community Affairs, around 52 percent of Americans who own smartphones have used some form of mobile banking in the last 12 months. Think of all of the ways you use mobile banking in your personal life. From wire-transferring money to depositing checks, the rise of mobile technology has put a large portion of our banking experiences directly into our pockets.
This level of convenience doesn’t end with individual users. These tools have also made it easier than ever for business owners to keep track of their finances and banking functions.
Why should your business commit to mobile banking?
Digital Tools Offer Businesses Accessibility And Flexibility
Mobile banking doesn’t only give business owners the ability to access their accounts no matter where they are – some tools also let users pick and choose who else can log into their accounts. Giving multiple people the “keys” to an account can help businesses save a significant amount of time. For example, a mostly remote business – such as a landscaping company or contracting firm – could allow employees to deposit checks directly into the business account, rather than have to take it into their financial institution’s branch office.
Digital Tools Give Businesses The Comfort Of Security
Mobile banking apps make great efforts to ensure that your financial data is guarded by multiple passwords and other identity checks. Plus, tools like Fiserv’s CardValet actually give you an extra layer of control over your account’s security. CardValet lets users temporarily deactivate their debit cards associated with their accounts at any time. You can even set your preferences so that your cards automatically deactivate if you’re out-of-state.
This is a good way, perhaps, for business owners to keep tabs on their senior employees’ company cards.
Digital Tools Are Still Evolving
As is the case with any form of technology, mobile banking will continue to improve every day. The tools that are out there already are extremely user-friendly – and they caught on quickly. It’s safe to say, expect more updates in the coming months.
Making a commitment to learning how to take advantage of the mobile tools your bank provides, will go a long way toward saving time, adding a layer of security and convenience to your business’s day-to-day banking, and putting your business in position to navigate the rapidly changing technology of years to come.
Ken Senus is the chief information officer of Navigant Credit Union.